|
* Adopted abbreviations :
SC - Subject Company (the company enquired by you)
N/A - Not
Applicable
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
275512-A
|
|
COMPANY NAME
|
:
|
HEVEABOARD BHD
|
|
FORMER NAME
|
:
|
HEVEABOARD SDN BHD (16/02/2004)
|
|
INCORPORATION DATE
|
:
|
03/09/1993
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PUBLIC
|
|
LISTED STATUS
|
:
|
YES
|
|
LISTED DATE
|
:
|
12/01/2005
|
|
REGISTERED ADDRESS
|
:
|
MENARA HAP SENG, 1 & 3 JALAN P RAMLEE, 10TH FLOOR, 50250 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
BUSINESS SUITE 19A-20-5, LEVEL 20, UOA CENTRE, NO.19 JALAN PINANG,
50540 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-21661393
|
|
FAX.NO.
|
:
|
03-21663390
|
|
EMAIL
|
:
|
info@heveaboard.com.my
|
|
WEB SITE
|
:
|
www.heveaboard.com.my
|
|
CONTACT PERSON
|
:
|
YOONG TEIN SENG ( GROUP MANAGING DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
20212
|
|
PRINCIPAL ACTIVITY
|
:
|
MANUFACTURING PARTICLEBOARDS
AND INVESTMENT HOLDING
|
|
AUTHORISED CAPITAL
|
:
|
MYR
500,000,000.00 DIVIDED INTO
ORDINARY SHARE 500,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR
90,400,000.00 DIVIDED INTO
ORDINARY SHARES 90,400,000 CASH OF MYR 1.00 EACH.
|
|
SALES
|
:
|
MYR 363,137,000 [2010]
|
|
NET WORTH
|
:
|
MYR 190,681,000 [2010]
|
|
M1000 OVERALL
RANKING
|
:
|
958[2009]
|
|
M1000 INDUSTRY
RANKING
|
:
|
4[2009]
|
|
STAFF STRENGTH
|
:
|
1,800 [2011]
|
|
BANKER (S)
|
|
MALAYAN
BANKING BHD
OCBC BANK (MALAYSIA) BHD
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
LIMITED
|
|
PAYMENT
|
:
|
GOOD
|
|
MANAGEMENT CAPABILITY
|
:
|
GOOD
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
GOOD
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
|
PROPOSED CREDIT LIMIT
|
:
|
USD3,566,203
|
HISTORY / BACKGROUND
As a public limited company, the SC must have
at least one shareholder but there is no limit on the maximum number of
shareholders. The SC must have at least two directors. A public limited
company is a separate legal entity from its shareholders. As a separate legal
entity, the SC is capable of owning assets, entering into contracts, suing or
be sued by other companies. The liabilities of the shareholders are only up
to the extent of the equity they have taken up and the creditors cannot claim
on shareholders' personal assets even if the SC is insolvent. The SC is
governed by the Companies Act,1965 and must file in its annual return,
together with its financial statements with the Registrar of Companies. In
Malaysia, all the companies seeking listing on the Bursa Malaysia (Malaysia
Stock Exchange) must be public limited companies.
The SC is principally engaged in the (as a / as an) manufacturing
particleboards and investment holding.
The SC was listed on the Main Board of Bursa Malaysia Securities Bhd on
12/01/2005
|
According to the Malaysia 1000 publication, the SC's ranking are as
follows:
|
|
|
|
|
|
|
YEAR
|
2009
|
|
|
|
OVERALL RANKING
|
958
|
|
|
|
INDUSTRY RANKING
|
4
|
|
|
The major shareholder(s) of the SC are
shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
OSK NOMINEES (TEMPATAN) SDN BHD
[HEVEAWOOD INDUSTRIES SDN BHD]
|
21-25, JALAN SEENIVASAGAM, 30450 IPOH, PERAK, MALAYSIA.
|
6023
|
18,000,000.00
|
|
CIMSEC NOMINEES (TEMPATAN) SDN BHD
[HEVEAWOOD INDUSTRIES SDN BHD (RETAIL BANKING)]
|
|
265449
|
9,000,000.00
|
|
TA NOMINEES (TEMPATAN) SDN BHD
[FIRAMA HOLDINGS SDN BHD]
|
MENARA TA ONE, 22 JALAN P RAMLEE, 13TH FLOOR, 50250 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
268290
|
4,969,000.00
|
|
SOLID EARNINGS SDN BHD
|
|
814975
|
4,500,000.00
|
|
LIAU CHERN YEE
|
|
|
4,046,100.00
|
|
FIRAMA ENGINEERING BHD
|
LOT 683, BATU 5, JALAN KUALA PILAH, 70400 SEREMBAN, NEGERI SEMBILAN,
MALAYSIA.
|
103362
|
3,200,000.00
|
|
LIANG CHONG WAI
|
|
PK124482(5)
|
2,588,600.00
|
|
HDM NOMINEES (TEMPATAN) SDN BHD
[YAP KIEW @ YAP CHIN FOOK]
|
|
|
2,196,600.00
|
|
TAN SRISYED MOHD YUSOF BIN TUN SYED NASIR
|
8, JALAN CHEKAK 11/3B, 40000 SHAH ALAM, SELANGOR, MALAYSIA.
|
471109-01-5611
4071790
|
1,600,000.00
|
|
MR.YEN WOON
|
LOT 113, TAMAN TSHUN NGEN, BATU 5, JALAN UTARA, 90000 SANDAKAN,
SABAH, MALAYSIA.
|
471022-05-5389
H0652564
|
1,476,000.00
|
|
DATUK YOONG TEIN SENG @ YONG KIAN SENG @ TENSON YOONG +
|
16, JALAN RAJA MUDA ALI, 70100 SEREMBAN, NEGERI SEMBILAN, MALAYSIA.
|
470602-05-5065
2002205
|
150,000.00
|
|
MR. YOONG HAU CHUN +
|
2711, TAMAN SEA, JALAN TOK UNGKU, 70100 SEREMBAN, NEGERI SEMBILAN,
MALAYSIA.
|
760209-05-5259
A3253776
|
150,000.00
|
|
MR. LIM KAH POON +
|
365, JALAN SRI PETALING 2, SRI PETALING, 57000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
490204-08-5347
1355783
|
50,000.00
|
|
DATO' LOO SWEE CHEW +
|
LOT 444, ASTANA GOLF RESORT, JALAN SUNGAI LEMBING, 25300 KUANTAN, PAHANG,
MALAYSIA.
|
480821-71-5069
0812060
|
34,000.00
|
|
MR. BAILEY POLICARPIO +
|
|
|
25,000.00
|
|
REMAINING SHAREHOLDERS
|
|
|
38,414,700.00
|
|
|
|
|
---------------
|
|
|
|
|
90,400,000.00
|
|
|
|
|
============
|
+ Also Director
The SC interest in other companies
(Subsidiaries/Associates) are shown as follow :
Local No
|
Company
|
(%)
|
As At
|
|
521101
|
BOCOWOOD SDN BHD
|
100
|
31/12/2010
|
|
|
|
|
|
|
|
166282
|
HEVEAPAC SDN BHD
|
100
|
31/12/2010
|
|
|
|
|
|
|
|
|
103355
|
HEVEAMART SDN BHD
|
100
|
31/12/2010
|
|
|
|
|
|
|
|
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
TAN SRI DATO' CHAN CHOONG TAK @ CHAN CHOONG TACK
|
|
Address
|
:
|
1054, BUKIT RASAH, 70300 SEREMBAN, NEGERI SEMBILAN, MALAYSIA.
|
|
IC / PP No
|
:
|
3067788
|
|
New IC No
|
:
|
330502-05-5047
|
|
Date of Birth
|
:
|
02/05/1933
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
01/10/2004
|
|
|
|
|
|
Qualification
|
:
|
HE HOLDS AN LL.B. (HONOURS) DEGREE FROM THE UNIVERSITY OF LONDON
& A CMBA DEGREE FROM OHIO UNIVERSITY
|
|
Working Experience
|
:
|
HE WAS FORMERLY THE PRESIDENT OF THE MALAYSIAN SENATE & CURRENTLY
THE SECRETARY-GENERAL OF PARTI GERAKAN RAKYAT MALAYSIA
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. BAILEY POLICARPIO
|
|
Nationality
|
:
|
FILIPINO
|
DIRECTOR 3
|
Name Of Subject
|
:
|
DATO' LOO SWEE CHEW
|
|
Address
|
:
|
LOT 444, ASTANA GOLF RESORT, JALAN SUNGAI LEMBING, 25300 KUANTAN,
PAHANG, MALAYSIA.
|
|
IC / PP No
|
:
|
0812060
|
|
New IC No
|
:
|
480821-71-5069
|
|
Date of Birth
|
:
|
21/08/1948
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
21/10/1997
|
DIRECTOR 4
|
Name Of Subject
|
:
|
MR. LIM KAH POON
|
|
Address
|
:
|
365, JALAN SRI PETALING 2, SRI PETALING, 57000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
1355783
|
|
New IC No
|
:
|
490204-08-5347
|
|
Date of Birth
|
:
|
04/02/1949
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
01/10/2004
|
DIRECTOR 5
|
Name Of Subject
|
:
|
DATUK YOONG TEIN SENG @ YONG KIAN SENG @ TENSON YOONG
|
|
Address
|
:
|
16, JALAN RAJA MUDA ALI, 70100 SEREMBAN, NEGERI SEMBILAN, MALAYSIA.
|
|
IC / PP No
|
:
|
2002205
|
|
New IC No
|
:
|
470602-05-5065
|
|
Date of Birth
|
:
|
02/06/1947
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
03/09/1993
|
DIRECTOR 6
|
Name Of Subject
|
:
|
MR. YOONG HAU CHUN
|
|
Address
|
:
|
2711, TAMAN SEA, JALAN TOK UNGKU, 70100 SEREMBAN, NEGERI SEMBILAN,
MALAYSIA.
|
|
IC / PP No
|
:
|
A3253776
|
|
New IC No
|
:
|
760209-05-5259
|
|
Date of Birth
|
:
|
09/02/1976
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
21/07/2000
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
YOONG TEIN SENG
|
|
|
Position
|
:
|
GROUP MANAGING DIRECTOR
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
EALINE HEW
|
|
|
Position
|
:
|
CHIEF FINANCE OFFICER
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
LIYEN YOONG
|
|
|
Position
|
:
|
MARKETING MANAGER
|
|
|
|
|
|
|
4)
|
Name of Subject
|
:
|
JENNIS
|
|
|
Position
|
:
|
ASSISTANT HUMAN RESOURCE MANAGER
|
|
|
|
|
|
|
5)
|
Name of Subject
|
:
|
S GANESAN
|
|
|
Position
|
:
|
GENERAL MANAGER
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
CROWE HORWATH
|
|
Auditor' Address
|
:
|
TOWER C, MEGAN AVENUE II, 12 JALAN YAP KWAN SENG, LEVEL 16, 50450
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. NG LAI YEE
|
|
|
IC / PP No
|
:
|
A2492927
|
|
|
New IC No
|
:
|
730502-08-5310
|
|
|
Address
|
:
|
11, JALAN RP 7/11, PRIME VILLE, TAMAN RAWANG PERDANA, 48000 RAWANG,
SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MR. LIM MING TOONG
|
|
|
IC / PP No
|
:
|
6864620
|
|
|
New IC No
|
:
|
620916-08-5727
|
|
|
Address
|
:
|
42, JALAN 5B/1D, BANDAR KINRARA, 47180 PUCHONG, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
2)
|
Name
|
:
|
OCBC BANK (MALAYSIA) BHD
|
|
|
|
|
|
|
The SC enjoys normal banking routine with above mentioned banker(s).
The SC has bank charges with above mentioned banker(s).
|
ENCUMBRANCE (S)
ENCUMBRANCE 1
|
Date of Creation
|
:
|
29/05/1996
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
RM160,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 2 In The Register of Charges
|
ENCUMBRANCE 2
|
Date of Creation
|
:
|
30/09/1996
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
RM6,000,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
OCBC BANK (MALAYSIA) BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 4 In The Register of Charges
|
ENCUMBRANCE 3
|
Date of Creation
|
:
|
07/05/1997
|
|
Description Of Charge
|
:
|
AGREEMENT
|
|
Amount Secured
|
:
|
RM3,000,000.00
|
|
Description Of Property Affected
|
:
|
CT 14353 & 14354, LOT 1943 & 1944, HS(D) 10469-10472, PT
4185-4188, MK GEMAS, DIST TAMPIN
|
|
Name & Address Of Chargee
|
:
|
OCBC BANK
(MALAYSIA) BHD
35, JALAN TENGKU AHMAD, 85000 SEGAMAT, JOHOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 28/05/1997
|
|
Registered and Numbered 6 In The Register of Charges
|
ENCUMBRANCE 4
|
Date of Creation
|
:
|
26/11/1997
|
|
Description Of Charge
|
:
|
AGREEMENT
|
|
Amount Secured
|
:
|
RM1,000,000.00
|
|
Description Of Property Affected
|
:
|
CORPORATE GUARANTEE
|
|
Name & Address Of Chargee
|
:
|
OCBC BANK (MALAYSIA) BHD
35, JALAN TENGKU AHMAD, 85000 SEGAMAT, JOHOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 09/12/1997
|
|
Registered and Numbered 7 In The Register of Charges
|
ENCUMBRANCE 5
|
Date of Creation
|
:
|
10/12/1997
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
RM2,000,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
OCBC BANK (MALAYSIA) BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 8 In The Register of Charges
|
ENCUMBRANCE 6
|
Date of Creation
|
:
|
20/07/2004
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
RM4,500,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 11 In The Register of Charges
|
LEGAL CHECK AGAINST SC
* A check has been conducted in our databank againt the SC whether the
subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER CHECK AGAINST SC
* We have checked through the SC in our defaulters' database which comprised
of debtors that have been blacklisted by our customers and debtors that have
been placed or assigned to us for collection since 1990. Information was
provided by third party where the debt amount can be disputed. Please check
with creditors for confirmation as alleged debts may have been paid since
recorded or are being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD
|
SOURCES OF RAW MATERIALS:
|
|
|
Local
|
:
|
YES
|
Percentage
|
:
|
40%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
60%
|
|
Import Countries
|
:
|
EUROPE,JAPAN,CHINA,FINLAND
|
The SC refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data
we conclude that :
|
OVERALL PAYMENT HABIT
|
|
Prompt 0-30 Days
|
[
|
|
]
|
|
Good 31-60 Days
|
[
|
X
|
]
|
|
Average 61-90 Days
|
[
|
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
60%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
40%
|
|
Export Market
|
:
|
KOREA, VIETNAM, INDIA, SRI LANKA, CHINA,
PHILIPPINES, HONG KONG, EUROPE
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,CASH,TELEGRAPHIC TRANSFER (TT)
|
|
Type of Customer
|
:
|
MANUFACTURING INDUSTRIES,DEALERS
|
OPERATIONS
|
Products manufactured
|
:
|
|
|
|
|
|
|
Services
|
:
|
NVESTMENT HOLDING
|
|
|
|
|
|
Award
|
:
|
1 ) QUALITY MANAGEMENT EXCELLENCE AWARD BY MINISTRY OF INTERNATIONAL
TRADE AND INDUSTRY (MITI) Year :2008
2 ) MS ISO 9001 : 2000 Year :2000
|
|
|
|
|
|
Competitor(s)
|
:
|
EVERGREEN
FIBREBOARD BHD
JAYAKUIK SDN BHD
MERBOK HILIR BHD
MIECO CHIPBOARD BHD
ROBIN RESOURCES (MALAYSIA) SDN BHD
|
|
|
|
|
|
Ownership of premises
|
:
|
OWNED
|
|
Production Capacity
|
:
|
APPROXIMATELY 120,000M3 OF PARTICLEBOARDPER YEAR
|
|
Shifts
|
:
|
2 (24 HOURS OPERATING)
|
|
|
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2011
|
2010
|
2009
|
2008
|
2007
|
2006
|
|
|
|
|
|
|
GROUP
|
1,800
|
1,800
|
1,800
|
1,800
|
1,600
|
1,500
|
|
|
|
|
COMPANY
|
340
|
340
|
340
|
330
|
340
|
320
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturing
particleboards and investment holding.
The SC manufactures rubberwood based particleboard in several standard size either
in plain or MFC laminated form.
Besides that it also produces Super E0, E0, E1, and MUF particleboard for the
more developed markets.
According to the SC, its products are suitable for wide range of applications
such as furniture, wall paneling, building and manufacturing industry.
The SC's production consists of various processes and they are as stated
below:
1) The raw materials go through chipping and flaking - The rubberwood are
chipped before being reduced to fine flakes of the desired thickness and
length. This contributes to the optimum strength and smooth finish on the
surface of the boards.
2) Drying & greening - The wet flakes are dried in a hot gas dryer to the
required moisture level. Then it screened to separate and fine and core particle
and stored in the surface and core silo.
3) Glue mixing & blending - The surface and core particles are separately
mixed with glue, wax emulsion and other additives metered accurately to
achieve high quality standard.
4) Material forming - hot process - cooling - sizing - sanding and finally
laminating.
PROJECTS
No projects found in our databank
RECENT DEVELOPMENT
04/04/2011
The SC wishes to announce that in addition to the consent in-principal from
Malayan Banking Berhad (MBB) vide its letter dated 31 March 2011,
Kreditanstalt für Wiederaufbau (KfW), being the other principal banker of the
Company, had vide its letter dated 1 April 2011, granted its consent
in-principle to the revised repayment plan Proposal) submitted by the Company
to its scheme creditors pursuant to Section 176 of the Companies Act, 1965 in
accordance with the Court Order dated 14 December 2009 (Scheme), with a view
to terminate the Scheme, subject to, amongst others, the following terms and
conditions:
(a) Full Settlement of amounts owing by the Company to all Scheme Creditors
save for KfW, MBB and Dieffenbacher GMBH + Co or its assignee
(Dieffenbacher), in advance of the respective tenure under the Scheme;
(b) MBB will continue to provide banking facilities to the Company upon such
terms and conditions as may be agreed upon; and
(c) Upon full settlement referred to in item (a) above, the amount owing by
the Company to each of KfW, MBB and Dieffenbacher shall be restructured on
terms to be agreed between the Company with each of MBB, KfW and
Dieffenbacher respectively.
The details of the Proposal will be prepared in an explanatory statement to
be circulated to the Scheme Creditors with a view of convening a creditors'
meeting in respect of each class of the Scheme Creditors for their approval.
In the event the requisite approval of the Scheme Creditors is obtained for
the Proposal, the Company will implement the Proposal and file or cause to be
filed the necessary cause papers to the High Court of Malaya for the termination
of the Scheme and thereafter, an office copy of the Court Order obtained in
relation thereto will be lodged with the Registrar of Companies accordingly.
09 March 2011
Heveaboard Bhd received an offer from Dongwha Malaysia Holdings Sdn Bhd to
acquire its assets related to the manufacturing of particleboard. If the deal
is approved, it will be transacted at no less than RM245 million, based on
the book value of Heaveaboard's assets as at Dec 31, 2010.
17/8/2010
Heveaboard Bhd staged a technical rebound to close at 73.5 sen, giving a
day-on-day gain of 6.5 sen, or 9.70 per cent.
Chartwise, Heveaboard's daily price trend fell from its high of 71 sen on
March 30 to its intra-day low of 49 sen on July 2, posting a total loss of 22
sen, or 30.99 per cent. Its hourly price trend staged a technical breakout of
its intermediate-term resistance (B1:B2) yesterday and continued to stay
above it.
Its hourly fast MACD (moving average convergence divergence) stayed above its
hourly slow MACD. Both its hourly fast and slow MACDs continued to stay below
their respective neutral reference lines. Heveaboard's hourly price trend may
need to consolidate its recent gains before resuming its prior technical
rebounds.
4 Jan 2010
Heveaboard Bhd announced the demise of Tan Sri Dato' Seri Mohamed Bin Rahmat
as Chairman of the Company.
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
+60 7 948 4745/948 4772
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|
Current Telephone Number
|
:
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03-21661393
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|
Match
|
:
|
NO
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|
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|
Address Provided by Client
|
:
|
LOT 1942, BATU
3, JALAN TAMPIN, 73400 GEMAS, NEGERI SEMBILAN DARUL
|
|
Current Address
|
:
|
BUSINESS SUITE
19A-20-5, LEVEL 20, UOA CENTRE, NO.19 JALAN PINANG, 50540 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
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Match
|
:
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NO
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Latest Financial Accounts
|
:
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YES
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Other Investigations
We contacted one of the SC staff and she provided some information regarding
to the SC.
The address provided belong to SC's HQ.
FINANCIAL COMMENTS
Profitability:
|
Turnover
|
:
|
Erratic
|
[
|
2008 - 2010
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
2008 - 2010
|
]
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
13.48%
|
]
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
11.64%
|
]
|
The fluctuating turnover reflects the fierce competition among the existing
and new market players. The higher profit could be attributed to the increase
in turnover. The SC's management had generated acceptable return for its
shareholders using its assets.
Working Capital Control:
|
Stock Ratio
|
:
|
Acceptable
|
[
|
61 Days
|
]
|
|
Debtors Ratio
|
:
|
Favourable
|
[
|
47 Days
|
]
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
26 Days
|
]
|
The SC kept adequate stocks to meet its normal business transactions without
incurring excessive storage costs. The favourable debtors' days could be due to
the good credit control measures implemented by the SC. The SC had a
favourable creditors' ratio as evidenced by its favourable collection days.
The SC could be taking advantage of the cash discounts and also wanting to
maintain goodwill with its creditors.
Liquidity:
|
Liquid Ratio
|
:
|
Unfavourable
|
[
|
0.80 Times
|
]
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.41 Times
|
]
|
A low liquid ratio means that the SC may be facing working capital deficiency.
If the SC cannot obtain additional financing or injection of fresh capital,
it may face difficulties in meeting its short term obligations.
Solvency
|
Interest Cover
|
:
|
Acceptable
|
[
|
3.43 Times
|
]
|
|
Gearing Ratio
|
:
|
Unfavourable
|
[
|
1.01 Times
|
]
|
The SC's interest cover was slightly low. If there is no sharp fall in its
profit or sudden increase in the interest rates, we believe the SC is able to
generate sufficient income to service its interest and repay the loans. The
SC was highly geared, thus it had a high financial risk. The SC was dependent
on loans to finance its business needs. In times of economic downturn and /
or high interest rate, the SC will become less profitable and competitive
than other firms in the same industry, which are lowly geared. This is
because the SC has to service the interest and to repay the loan, which will
erode part of its profits. The profits will fluctuate depending on the SC's
turnover and the interest it needs to pay.
Overall
Assessment:
Although the
turnover was erratic, the SC had maintained a steady growth in its profit.
This indicate the management's efficiency in controlling its costs and
profitability. Due to its weak liquidity position, the SC will be faced with
problems in meeting all its short term obligations if no short term loan is
obtained or additional capital injected into the SC. The SC had an acceptable
interest cover. If there is no sudden sharp increase in interest rate or fall
in the SC's profit, we do believe the SC is able to generate sufficient cash
flow to service its interest payment. The SC's gearing level was high and its
going concern will be in doubt if there is no injection of additional
shareholders' funds in times of economic downturn and / or high interest rates.
Overall financial condition of the SC : LIMITED
ECONOMIC / INDUSTRY OUTLOOK
|
Major Economic Indicators:
|
2007
|
2008
|
2009
|
2010*
|
2011**
|
|
|
|
|
|
|
|
|
Population ( Million)
|
27.17
|
27.73
|
28.31
|
28.88
|
29.13
|
|
Gross Domestic Products ( % )
|
6.3
|
4.6
|
<0.5>
|
6.9
|
5.8
|
|
Domestic Demand ( % )
|
9.0
|
6.9
|
2.9
|
4.6
|
4.8
|
|
Private Expenditure ( % )
|
8.6
|
7.1
|
<2.7>
|
8.1
|
7.0
|
|
Consumption ( % )
|
9.0
|
8.4
|
0.7
|
6.7
|
6.3
|
|
Investment ( % )
|
7.1
|
1.5
|
<17.2>
|
15.2
|
10.2
|
|
Public Expenditure ( % )
|
10.1
|
6.5
|
5.2
|
3.8
|
2.8
|
|
Consumption ( % )
|
10.8
|
11.6
|
3.1
|
0.2
|
4.6
|
|
Investment ( % )
|
9.3
|
0.7
|
8.0
|
8.3
|
0.6
|
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million )
|
100,340
|
129,563
|
89,650
|
118,356
|
116,058
|
|
Government Finance ( MYR Million )
|
<19,948>
|
<34,462>
|
<28,450>
|
<40,482>
|
-
|
|
Government Finance to GDP / Fiscal Deficit ( % )
|
<3.2>
|
<4.8>
|
<4.8>
|
<5.6>
|
<5.4>
|
|
Inflation ( % Change in Composite CPI)
|
2.0
|
<3.3>
|
<5.2>
|
5.1
|
-
|
|
Unemployment Rate
|
3.2
|
3.7
|
4.5
|
3.9
|
-
|
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion )
|
336
|
388
|
331
|
394
|
-
|
|
Average Risk-Weighted Capital Adequacy Ratio ( % )
|
3.04
|
1.91
|
2.87
|
2.20
|
-
|
|
Average 3 Months of Non-performing Loans ( % )
|
13.30
|
13.24
|
11.08
|
15.30
|
-
|
|
Average Base Lending Rate ( % )
|
6.72
|
6.72
|
5.53
|
5.70
|
-
|
|
Business Loans Disbursed( % )
|
9.1
|
11.6
|
10.5
|
14.7
|
-
|
|
Foreign Investment ( MYR Million )
|
33,426.0
|
23,261.4
|
22,156.8
|
22,517.9
|
-
|
|
Consumer Loans ( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Companies ( No. )
|
43,337
|
41,599
|
41,578
|
-
|
-
|
|
Registration of New Companies ( % )
|
13.2
|
<4.0>
|
<0.1>
|
-
|
-
|
|
Liquidation of Companies ( No. )
|
22,629
|
27,992
|
39,075
|
-
|
-
|
|
Liquidation of Companies ( % )
|
161.5
|
23.7
|
39.6
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Business ( No. )
|
227,410
|
269,866
|
312,581
|
-
|
-
|
|
Registration of New Business ( % )
|
-
|
-
|
-
|
-
|
-
|
|
Business Dissolved ( No. )
|
20,431
|
18,885
|
19,345
|
-
|
-
|
|
Business Dissolved ( % )
|
<61.4>
|
<7.6>
|
2.4
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit )
|
442.9
|
497.5
|
319.4
|
369.7
|
-
|
|
Cellular Phone Subscribers ( Million )
|
23.3
|
25.1
|
30.1
|
32.8
|
-
|
|
Tourist Arrival ( Million Persons )
|
20.9
|
21.5
|
23.6
|
24.0
|
25.0
|
|
Hotel Occupancy Rate ( % )
|
70
|
68
|
58
|
63
|
-
|
|
|
|
|
|
|
|
|
Credit Cards Spending ( % )
|
20.1
|
17.1
|
12.8
|
15.1
|
-
|
|
Bad Cheque Offenders (No.)
|
30,004
|
34,834
|
-
|
-
|
-
|
|
Individual Bankruptcy ( No.)
|
13,238
|
13,907
|
-
|
-
|
-
|
|
Individual Bankruptcy ( % )
|
<2.6>
|
5.1
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
NDUSTRIES ( % of Growth ):
|
2007
|
2008
|
2009
|
2010*
|
2011**
|
|
|
|
|
|
|
|
|
Agriculture
|
3.1
|
3.6
|
0.4
|
3.4
|
4.5
|
|
Palm Oil
|
<0.6>
|
7.0
|
<1.1>
|
1.3
|
-
|
|
Rubber
|
1.0
|
<1.1>
|
<19.8>
|
9.9
|
-
|
|
Forestry & Logging
|
2.8
|
<1.5>
|
<5.9>
|
<1.3>
|
-
|
|
Fishing
|
5.2
|
4.0
|
5.5
|
4.1
|
-
|
|
Other Agriculture
|
7.0
|
5.9
|
9.0
|
6.6
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
487.3
|
393.0
|
413.7
|
508.4
|
-
|
|
% of Industry Non-Performing Loans
|
1.1
|
<2.0>
|
1.3
|
2.1
|
-
|
|
|
|
|
|
|
|
|
Mining
|
3.3
|
<0.8>
|
<3.8>
|
1.0
|
2.9
|
|
Oil & Gas
|
2.2
|
12.7
|
2.1
|
4.9
|
-
|
|
Other Mining
|
-
|
-
|
-
|
-
|
-
|
|
Industry Non-performing Loans ( MYR Million )
|
42.2
|
36.0
|
44.2
|
49.7
|
-
|
|
% of Industry Non-performing Loans
|
0.1
|
0.1
|
0.1
|
0.1
|
-
|
|
|
|
|
|
|
|
|
Manufacturing #
|
3.1
|
1.3
|
<9.4>
|
10.8
|
6.7
|
|
Exported-oriented Industries
|
<1.9>
|
2.7
|
<19.0>
|
12.1
|
-
|
|
Electrical & Electronics
|
3.0
|
2.4
|
<30.3>
|
27.4
|
-
|
|
Rubber Products
|
8.0
|
4.2
|
<10.1>
|
25.3
|
-
|
|
Wood Products
|
3.3
|
<6.0>
|
<24.1>
|
19.7
|
-
|
|
Textiles & Apparel
|
<10.1>
|
1.9
|
<19.5>
|
<1.3>
|
-
|
|
Domestic-oriented Industries
|
5.3
|
9.9
|
<9.8>
|
16.3
|
-
|
|
Food, Beverages & Tobacco
|
5.6
|
9.5
|
0.2
|
3.0
|
-
|
|
Chemical & Chemical Products
|
9.2
|
1.4
|
<7.7>
|
20.4
|
-
|
|
Plastic Products
|
<3.6>
|
6.5
|
<9.1>
|
2.4
|
-
|
|
Iron & Steel
|
17.5
|
16.8
|
<32.7>
|
30.0
|
-
|
|
Fabricated Metal Products
|
26.2
|
14.7
|
<2.5>
|
14.9
|
-
|
|
Non-metallic Mineral
|
6.6
|
8.3
|
<15.5>
|
20.2
|
-
|
|
Transport Equipment
|
<19.0>
|
27.1
|
<13.5>
|
36.5
|
-
|
|
Paper & Paper Products
|
14.9
|
8.6
|
<5.0>
|
20.5
|
-
|
|
Crude Oil Refineries
|
8.6
|
7.8
|
0.2
|
<11.4>
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
6,366.2
|
5,729.4
|
6,007.3
|
6,217.5
|
-
|
|
% of Industry Non-Performing Loans
|
14.1
|
16.8
|
18.3
|
23.8
|
-
|
|
|
|
|
|
|
|
|
Construction
|
4.6
|
2.1
|
5.8
|
4.9
|
4.4
|
|
Industry Non-Performing Loans ( MYR Million )
|
5,116.7
|
4,149.8
|
3,241.8
|
4,038.5
|
-
|
|
% of Industry Non-Performing Loans
|
11.3
|
12.2
|
9.9
|
10.7
|
-
|
|
|
|
|
|
|
|
|
Services
|
9.7
|
7.3
|
2.6
|
6.5
|
5.3
|
|
Electric, Gas & Water
|
4.6
|
5.0
|
0.4
|
8.5
|
5.6
|
|
Transport, Storage & Communication
|
7.60
|
7.80
|
1.60
|
7.15
|
7.55
|
|
Wholesale, Retail, Hotel & Restaurant
|
11.6
|
10.0
|
2.8
|
4.7
|
5.2
|
|
Finance, Insurance & Real Estate
|
10.7
|
9.2
|
3.8
|
6.0
|
5.2
|
|
Government Services
|
4.6
|
8.6
|
2.0
|
6.7
|
1.9
|
|
Other Services
|
5.0
|
5.9
|
4.4
|
4.2
|
5.4
|
|
Industry Non-Performing Loans ( MYR Million )
|
10,207.8
|
8,281.4
|
6,631.3
|
7,384.6
|
-
|
|
% of Industry Non-Performing Loans
|
22.6
|
24.3
|
20.2
|
25.7
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate /
Preliminary
|
|
|
|
|
|
|
** Forecast
|
|
|
|
|
|
|
# Based On
Manufacturing Production Index
(Source : Department of Statistics / Economic Report / Bank Negara Report)
|
INDUSTRY COMMENTS
|
MSIC CODE
|
|
20212 : Manufacture of laminboard, particle board and other panels
and boards
|
|
|
|
|
INDUSTRY :
|
WOOD PRODUCT
|
|
|
|
|
|
|
The industry is predominantly owned by Malaysian and it is estimated that 80%
of timber-based companies are small and medium size companies while for
furniture industries, 90% are small and medium companies. The wood-based
industry is one of the resource-based industries with potential for growth.
In order to maximise the utilisation of wood resources, the industry has
moved into the production of engineered wood products. Products are now
being manufactured from trees of smaller diameter/lower quality. It is
environmentally friendly, easy to use and strong. These products have set
new performance standards by minimising both resources and manufacturing
defects while enhancing structural features.
|
|
The National Timber Industry Policy (NATIP) has targeted exports of timber
and timber products to hit RM53bil, of which 60% represent value-added
products while the remaining 40% is commodity-based. In addition, export
growth has also been set at 6.4% annually. The growing demand from
traditional markets like United States and Europe is also boosting exports
of the local timber industry. The use of wood globally was increasing and
the Malaysian timber industry remained an important contributor to the
nation's economy.
|
|
However, according to Timber Exporters' Association of Malaysia, the timber
industry is adversely affected by the unstable and high sea freight rates
from Port Klang to Europe. The freight rate to major European ports was
currently about USD2,800 per 40-footer container and was expected to
increase after the summer holidays due to peak season surcharge. Besides,
the freight rate to Middle Eastern countries had also increased due to the
coming Ramadhan. The strengthening of the ringgit had also affected demand
from Europe which is among the key importers of Malaysian timber. The local
timber company will increase the selling prices of their timber products
due to increase in freight rate to cover their margin.
|
|
To streamline and improve the efficiency of the timber sub-sector, the
government launched the National Timber Policy (NATIP) on 17 February 2009.
Among its objectives, NATIP serves to ensure that the industry continues to
enhance its competitiveness in the global marketplace. The Government
continues to promote higher value-added downstream activities through the
provision of special funding and grants. These support facilities assist
Malaysian companies in setting up and expanding infrastructure facilities,
R&D, training and streamlining procedures to facilitate increased
production.
|
|
The Malaysian government has also embarked on several initiatives to
enhance market access. These initiatives include Voluntary Partnership
Agreement (VPA) with the European Commission (EC). This agreement aims at
combating illegal logging and reducing illegally harvested timber. Malaysia
is the first country to commence formal negotiations to conclude a VPA and
this should help ensure that Malaysian wood products will have a better
access to the EU market.
|
|
According to Deputy Minister of Plantation Industries and Commodities , the
timber industry has to move in line with the need to explore the use of
wood as material for the construction industry, especially as a component
of the Industrialised Building System (IBS). With the decision by the
government to increase to 70% the IBS components for its projects and also
enhance the IBS method in the construction industry, the wood products
industry will indirectly enjoy the benefits. The timber industry can
participate in the implementation of the IBS either as a producer,
fabricator, transport provider or provide consultancy services to those
utilising wood. As such, the timber industry must prepare itself with the
knowledge and learn the related technology so that it is not left behind
and can continue to compete at the global level.
|
|
Overall, wood-based industry players should embrace new technologies and
best practices to increase productivity, efficiency and adapt the
ever-changing market. As a world-renowned manufacturer and exporter of
rubber wood furniture, and to meet the continuing demand for high quality
furniture and products, Malaysia is migrating to produce high-end
wood-based product inputs.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
COMMENTS & RECOMMENDATION
|
Incorporated in 1993, the SC is principally engaged in the
manufacturing of particleboard and investment holding. The SC was listed on
Main Board of the Bursa Malaysia Securities Berhad on 12 Jan 2005 and this
has enabled the SC to have direct access to the capital market for funds
required for its future expansion and continued growth. Backed by strong
shareholders with paid up capital of RM90.4 million, the SC is expected to
enjoy timely financial support should the needs arise.
|
|
We noted that the SC's products are suitable for wide range of applications
such as furniture, wall paneling, building and manufacturing industry. As
the SC's products are used in myriad of businesses, it eliminates the risk
of dependency on one business line. In an effort to strengthen its position
in the market, the SC had expanded its business into the global market such
as Korea, Vietnam, China and etc. Hence, the SC has diversified its
business risk and increased its profitability via penetrating into the
overseas market. At present, the Group's management is led by the Group
Managing Director, Yoong Tein Seng and supported by 1,800 employees. The
SC's management structure is well organised and its management capability
is regarded as good.
|
|
During the financial year under review, the Group's turnover continued on
an upward momentum, reaching RM363.13 million. Correspondingly, its pre-tax
profit rose to RM28.41 million. This was achieved on the back of stronger
performance of higher turnover. Return on shareholders' funds of the Group
was at an acceptable range which indicated that the management was
efficient in utilising its funds to generate income. However, the Group
possesses a weak liquidity position and we believe that the Group may face
some difficulties in meeting its short term financial obligations. The high
gearing ratio clearly implied that the Group was supported by more debt
than equity. Thus, the Group is exposed to high financial risk. Overall
financial performance of the Group has improved compared to the previous
years. Given a positive net worth standing at RM190.68 million, the Group
should be able to maintain its business in the near terms.
|
|
Our investigation revealed that the SC imports its raw material from both
local and overseas market. Its long presence in the market has built up a
stable supplier base. Hence, it may not have problems in getting its raw
material when needs arise.
|
|
Overall, the SC's payment habit is good as the SC has a good credit control
and it could be taking advantage of the cash discounts while maintaining a
good reputation with its creditors.
|
|
This industry shows an upward trend and this trend is very likely to
sustain in the near future. Nonetheless, the SC is still faces competition from
local and foreign players in the industry. As a well established company,
the SC should have strong competitive edge against other players in the
same fields.
|
|
Based on the above condition, we recommend a fairly large amount of credit be
granted to the SC promptly.
|
CONSOLIDATED PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
HEVEABOARD BHD
|
|
For The Year
Ended 31-December-2010
|
|
|
|
|
|
|
|
2010
|
2009
|
2008
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
363,137,000
|
327,417,000
|
340,912,000
|
|
|
=========
|
=========
|
=========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
28,410,000
|
18,933,000
|
<182,000>
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
28,410,000
|
18,933,000
|
<182,000>
|
|
Taxation
|
<2,699,000>
|
1,525,000
|
1,056,000
|
|
PROFIT/(LOSS) AFTER TAXATION
|
-------------
25,711,000
|
-------------
20,458,000
|
-------------
874,000
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
-------------
25,711,000
|
-------------
20,458,000
|
-------------
874,000
|
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
-------------
25,711,000
|
-------------
20,458,000
|
-------------
874,000
|
|
As previous reported
|
35,164,000
|
35,164,000
|
37,002,000
|
|
|
|
|
|
|
As restated
|
-------------
35,164,000
|
-------------
35,164,000
|
-------------
37,002,000
|
|
|
-------------
|
-------------
|
-------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
60,875,000
|
55,622,000
|
37,876,000
|
|
|
|
|
|
|
TRANSFER TO RESERVES - General
|
23,480,000
|
-
|
-
|
|
|
|
|
|
|
DIVIDENDS - Ordinary (paid & proposed)
|
-
|
-
|
<2,712,000>
|
|
|
|
|
|
|
|
|
|
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
-------------
84,355,000
==========
|
-------------
55,622,000
==========
|
-------------
35,164,000
==========
|
|
RETAINED BY: The Company
|
84,355,000
|
55,622,000
|
35,164,000
|
|
|
-------------
84,355,000
==========
|
-------------
55,622,000
==========
|
-------------
35,164,000
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
|
Term loan
|
10,694,000
|
10,053,000
|
9,247,000
|
|
Bank overdraft
|
179,000
|
624,000
|
746,000
|
|
|
|
|
|
|
Hire purchase
|
674,000
|
935,000
|
1,114,000
|
|
Other interest expenses
|
-
|
-
|
252,000
|
|
Bills payable
|
-
|
178,000
|
2,122,000
|
|
Export credit refinancing
|
123,000
|
-
|
-
|
|
|
--------------
11,670,000
===========
|
--------------
11,790,000
===========
|
--------------
13,481,000
===========
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEET
|
HEVEABOARD BHD
|
|
As At
31-December-2010
|
|
|
|
|
|
|
|
2010
|
2009
|
2008
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
|
FIXED ASSETS
|
293,983,000
|
309,656,000
|
332,390,000
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
15,000
|
15,000
|
15,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid lease payments
|
6,540,000
|
10,500,000
|
10,707,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
------------
6,555,000
|
------------
10,515,000
|
------------
10,722,000
|
|
|
|
|
|
|
|
INTANGIBLE ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill on consolidation
|
2,946,000
|
2,946,000
|
2,946,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INTANGIBLE ASSETS
|
------------
2,946,000
|
------------
2,946,000
|
------------
2,946,000
|
|
TOTAL LONG TERM ASSETS
|
------------
303,484,000
|
------------
323,117,000
|
------------
346,058,000
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks
|
61,013,000
|
50,482,000
|
56,285,000
|
|
|
|
|
|
|
|
|
Trade debtors
|
47,210,000
|
31,877,000
|
25,337,000
|
|
|
Other debtors, deposits & prepayments
|
7,560,000
|
7,264,000
|
7,052,000
|
|
|
Short term deposits
|
2,516,000
|
-
|
-
|
|
|
|
|
|
|
|
|
Cash & bank balances
|
20,306,000
|
12,878,000
|
3,102,000
|
|
|
|
|
|
|
|
|
Tax refundable
|
738,000
|
682,000
|
29,000
|
|
TOTAL CURRENT ASSETS
|
------------
139,343,000
|
------------
103,183,000
|
------------
91,805,000
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Trade creditors
|
26,061,000
|
23,902,000
|
34,894,000
|
|
|
Other creditors & accruals
|
25,531,000
|
22,082,000
|
33,485,000
|
|
|
Hire purchase & lease creditors
|
3,386,000
|
5,864,000
|
6,787,000
|
|
|
Bank overdraft
|
942,000
|
2,553,000
|
12,986,000
|
|
|
Short term borrowings/Term loans
|
27,138,000
|
6,941,000
|
7,676,000
|
|
|
Other borrowings
|
13,524,000
|
3,970,000
|
8,946,000
|
|
|
|
|
|
|
|
|
Bill & acceptances payable
|
1,244,000
|
1,784,000
|
30,851,000
|
|
|
Amounts owing to related companies
|
679,000
|
709,000
|
1,791,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for taxation
|
-
|
439,000
|
995,000
|
|
TOTAL CURRENT LIABILITIES
|
------------
98,505,000
|
------------
68,244,000
|
------------
138,411,000
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
40,838,000
|
------------
34,939,000
|
------------
<46,606,000>
|
|
TOTAL NET ASSETS
|
------------
344,322,000
==========
|
------------
358,056,000
==========
|
------------
299,452,000
==========
|
|
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
Ordinary share capital
|
90,400,000
|
90,400,000
|
90,400,000
|
|
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
90,400,000
------------
|
90,400,000
------------
|
90,400,000
------------
|
|
RESERVES
|
|
|
|
|
|
Share premium
|
15,526,000
|
15,526,000
|
15,526,000
|
|
|
Retain profit/(Accumulated loss) carried forward
|
84,355,000
|
55,622,000
|
35,164,000
|
|
|
Warrant reserve
|
400,000
|
-
|
-
|
|
TOTAL RESERVES
|
------------
100,281,000
|
------------
71,148,000
|
------------
50,690,000
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
190,681,000
|
------------
161,548,000
|
------------
141,090,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
|
|
|
|
|
Long term loans
|
140,690,000
|
177,634,000
|
142,114,000
|
|
|
Other long term borrowings
|
5,352,000
|
10,744,000
|
-
|
|
|
|
|
|
|
|
|
Hire purchase creditors
|
1,010,000
|
3,711,000
|
9,591,000
|
|
|
Deferred taxation
|
5,050,000
|
3,079,000
|
5,499,000
|
|
|
|
|
|
|
|
|
Retirement benefits provision
|
1,539,000
|
1,340,000
|
1,158,000
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
153,641,000
|
------------
196,508,000
|
------------
158,362,000
|
|
|
------------
|
------------
|
------------
|
|
|
344,322,000
|
358,056,000
|
299,452,000
|
|
|
==========
|
==========
|
==========
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED FINANCIAL RATIOS
|
HEVEABOARD BHD
|
|
As At
31-December-2010
|
|
|
|
|
|
|
|
2010
|
2009
|
2008
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
|
Cash
|
22,822,000
|
12,878,000
|
3,102,000
|
|
|
Net Liquid Funds
|
<5,258,000>
|
3,384,000
|
<17,560,000>
|
|
|
Net Liquid Assets
|
<20,175,000>
|
<15,543,000>
|
<102,891,000>
|
|
|
Net Current Assets/(Liabilities)
|
40,838,000
|
34,939,000
|
<46,606,000>
|
|
|
Net Tangible Assets
|
341,376,000
|
355,110,000
|
296,506,000
|
|
|
Net Monetary Assets
|
<173,816,000>
|
<212,051,000>
|
<261,253,000>
|
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
Total Borrowings
|
192,042,000
|
211,417,000
|
188,100,000
|
|
|
Total Liabilities
|
252,146,000
|
264,752,000
|
296,773,000
|
|
|
Total Assets
|
442,827,000
|
426,300,000
|
437,863,000
|
|
|
Net Assets
|
344,322,000
|
358,056,000
|
299,452,000
|
|
|
Net Assets Backing
|
190,681,000
|
161,548,000
|
141,090,000
|
|
|
Shareholders" Funds
|
190,681,000
|
161,548,000
|
141,090,000
|
|
|
Total Share Capital
|
90,400,000
|
90,400,000
|
90,400,000
|
|
|
Total Reserves
|
100,281,000
|
71,148,000
|
50,690,000
|
|
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
|
|
Cash Ratio
|
0.23
|
0.19
|
0.02
|
|
|
Liquid Ratio
|
0.80
|
0.77
|
0.26
|
|
|
Current Ratio
|
1.41
|
1.51
|
0.66
|
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
Stock Ratio
|
61
|
56
|
60
|
|
|
Debtors Ratio
|
47
|
36
|
27
|
|
|
Creditors Ratio
|
26
|
27
|
37
|
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
Gearing Ratio
|
1.01
|
1.31
|
1.33
|
|
|
Liabilities Ratio
|
1.32
|
1.64
|
2.10
|
|
|
Times Interest Earned Ratio
|
3.43
|
2.61
|
0.99
|
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
Operating Profit Margin
|
7.82
|
5.78
|
<0.05>
|
|
|
Net Profit Margin
|
7.08
|
6.25
|
0.26
|
|
|
Return On Net Assets
|
11.64
|
8.58
|
4.44
|
|
|
Return On Capital Employed
|
10.75
|
8.29
|
4.11
|
|
|
Return On Shareholders' Funds/Equity
|
13.48
|
12.66
|
0.62
|
|
|
Dividend Pay Out Ratio (Times)
|
0
|
0
|
3.10
|
|
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
Contingent Liabilities
|
10,154,000.00
|
16,677,000.00
|
27,234,000.00
|
|
|
|
|
|
|
|
|
|
